Time Tracking is Necessary for Small Business

Description

If you are a small business owner, you know that managing it is as difficult as being the vice-president of a big company. You must take care of all the processes, which every big company has, but you probably have less resources for that. Time tracking is not only important for the sake of calculating wages; these days it helps to facilitate work processes, and project accounting and planning for companies of all sizes.

Let’s be honest. Just a minority of us likes to track their time, so the device or solution for that must be simple to use, have a friendly interface, and collect accurate data. If you find the right tool to meet your requirements and start using it, you could optimize your work process and become more profitable.

1. Will allow you to do work or project costing. It is a common situation, when you work with a customer for a fixed price, and you spent more time than you have planned. If you don’t track your time, you can’t estimate how much this projects cost to you. Creating an efficient freelance business model without monitoring the greatest chunk of your costs – labour – is literally impossible. Even if you enjoy what you do, you must have a system to track your time in order to manage your income.

2. Increase your workers’ productivity. Working long hours doesn’t necessarily ensure best results, but time tracking helps to control your workers’ activity. On the other hand, workers feel comfortable and secure, because they know, where they spent their work time, and can show that for the manager. One of the greatest challenges people face in the working environment is ambiguity. Time tracking helps to reduce it in a way that workers don’t have to remember every task they performed. Often little things eat up the most of time, and it is difficult to remember them all, so it might seem that you are doing nothing when you try to explain your job to the supervisor or client. Documenting tasks helps to avoid that. Also, it puts a bit of healthy stress on the worker so that it would be less tempting to jump on social networks or skim through news portals.

3. Help to plan future works. If you planned that something is going to take you 3 days to complete, tracking time allows you to see whether you work according to the plan or not. If it actually takes 5 days, you know in the future that you need to increase your time estimate, and maybe charge your customer more. Also, you can clearly see, what tasks take up the most time, and then think of ways to reduce that impact. What works best for you when it comes to time management?

www.mworker.com Time Tracking is Necessary for Small Business • If you are a small business owner, you know that managing it is as difficult as being the vice-president of a big company. You must take care of all the processes, which every big company has, but you probably have less resources for that. Time tracking is not only important for the sake of calculating wages; these days it helps to facilitate work processes, and project accounting and planning for companies of all sizes. • Let’s be honest. Just a minority of us likes to track their time, so the device or solution for that must be simple to use, have a friendly interface, and collect accurate data. If you find the right tool to meet your requirements and start using it, you could optimize your work process and become more profitable.

www.mworker.com 1. Will allow you to do work or project costing • It is a common situation, when you work with a customer for a fixed price, and you spent more time than you have planned. If you don’t track your time, you can’t estimate how much this projects cost to you. Creating an efficient freelance business model without monitoring the greatest chunk of your costs – labour – is literally impossible. Even if you enjoy what you do, you must have a system to track your time in order to manage your income.

www.mworker.com 2. Increase your workers’ productivity. • Working long hours doesn’t necessarily ensure best results, but time tracking helps to control your workers’ activity. On the other hand, workers feel comfortable and secure, because they know, where they spent their work time, and can show that for the manager. One of the greatest challenges people face in the working environment is ambiguity. Time tracking helps to reduce it in a way that workers don’t have to remember every task they performed. Often little things eat up the most of time, and it is difficult to remember them all, so it might seem that you are doing nothing when you try to explain your job to the supervisor or client. Documenting tasks helps to avoid that. Also, it puts a bit of healthy stress on the worker so that it would be less tempting to jump on social networks or skim through news portals.

www.mworker.com 3. Help to plan future works. • If you planned that something is going to take you 3 days to complete, tracking time allows you to see whether you work according to the plan or not. If it actually takes 5 days, you know in the future that you need to increase your time estimate, and maybe charge your customer more. Also, you can clearly see, what tasks take up the most time, and then think of ways to reduce that impact. What works best for you when it comes to time management?

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